Treace Medical Concepts (NASDAQ:TMCI) Price Target Raised to $4.00

Treace Medical Concepts (NASDAQ:TMCI) had its price target lifted by equities researchers at Truist Financial from $2.00 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective would indicate a potential downside of 11.60% from the stock’s current price.

TMCI has been the subject of a number of other research reports. Wall Street Zen raised Treace Medical Concepts from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded shares of Treace Medical Concepts from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $4.97.

Treace Medical Concepts Stock Performance

Shares of NASDAQ TMCI traded up $0.12 during mid-day trading on Thursday, reaching $4.53. 228,585 shares of the company were exchanged, compared to its average volume of 810,656. The stock has a market capitalization of $293.55 million, a P/E ratio of -4.65 and a beta of 1.37. The company has a quick ratio of 2.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.72. The company’s 50-day simple moving average is $3.61 and its 200-day simple moving average is $2.55. Treace Medical Concepts has a twelve month low of $1.17 and a twelve month high of $7.78.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. The company had revenue of $47.20 million for the quarter, compared to analysts’ expectations of $45.96 million. Treace Medical Concepts had a negative net margin of 29.44% and a negative return on equity of 67.04%. As a group, research analysts predict that Treace Medical Concepts will post -0.88 earnings per share for the current year.

Insider Buying and Selling at Treace Medical Concepts

In other Treace Medical Concepts news, CEO John T. Treace bought 22,887 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $4.04 per share, with a total value of $92,463.48. Following the completion of the acquisition, the chief executive officer directly owned 7,376,150 shares of the company’s stock, valued at $29,799,646. This represents a 0.31% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 371,600 shares of company stock worth $1,104,801 in the last 90 days. 23.42% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Graham Capital Management L.P. acquired a new stake in shares of Treace Medical Concepts during the fourth quarter worth $27,000. Osaic Holdings Inc. raised its position in Treace Medical Concepts by 328.3% during the 2nd quarter. Osaic Holdings Inc. now owns 4,793 shares of the company’s stock worth $28,000 after buying an additional 3,674 shares during the last quarter. HighTower Advisors LLC purchased a new position in Treace Medical Concepts during the 4th quarter worth $33,000. Chicago Partners Investment Group LLC lifted its stake in shares of Treace Medical Concepts by 34.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 26,014 shares of the company’s stock worth $35,000 after acquiring an additional 6,606 shares during the period. Finally, Balance Wealth LLC acquired a new stake in shares of Treace Medical Concepts in the 4th quarter worth $37,000. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc is a medical technology company specializing in the development and commercialization of innovative surgical solutions for foot and ankle conditions. The company’s flagship product, the Lapiplasty 3D Bunion Correction System, addresses the underlying joint instability that causes bunion deformity through a patented, multi-plane correction approach. The system combines proprietary instrumentation, fixation plates, and a comprehensive surgical protocol designed to improve patient outcomes and reduce recurrence rates.

The Lapiplasty System has received clearance from the U.S.